Yes, I have had the exact same thing in the exact same spot. It went on for about 5-6 years. It would come on, last for weeks then disappear for a few months, just to come back. It also would be in different spots, usually elbow, sometimes shoulder or upper arm-always just upper lirabs. There was never a rash or anything visual to see. I tried everything to relieve it, but found ice was the only thing to really work. I would freeze water bottles to sleep with, or a washcloth with ice wrapped in it. I would also carry a frozen water bottle with me everywhere I went when I was going through a "spell".
I don't think I've had it for about a year now. Yeah!!
After much reading I finally decided it is related to fluctuating hormone levels; it's called formication. How old are you and are you perimenopausal or going through menopause? I think I have finally started menopause (I'm 54) and have been perimenopausal for about the past 10 years.
I have a twin sister who experienced the same thing.